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Income tax slab for FY 2020-21 (AY 2021-22)
Income tax return for the AY 2020-21 (FY 2019-20) have been extended from 31st march 2021 to 31st may 2021.
May 1, 2021
Bitcoins – Income Tax, GST & International Tax Structure
June 2, 2021
Income Tax Slab for Resident Individuals aged less than 60 Years (Both Male & Female)
Budget 2020 has given the individuals options to choose from FY 2020-21 (AY 2021-22) onwards. Either to opt for the same tax rates which were applicable in last year or the new tax regime.
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 2,50,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens (Both Male& Female)
The resident senior citizens will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 3,00,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 3,00,001 – Rs 5,00,000 | 5% | Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens (Both Male and Female)
The resident super senior citizens will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 5,00,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | ||
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Slab for Non-Resident Individuals (For Male & Female both)
The non-resident will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 2,50,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Slab for Hindu Undivided Family (HUF)
The Hindu Undivided Family (HUF) will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 2,50,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Slab for Co-operative Society
The Co-operative Society will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 10,000 | 10% | Under the new income tax regime made applicable via Budget 2020 resident Co-operative Society will have an option to choose a reduced rate of tax @ 22% under section 115BAD and shall not be allowed to avail certain specified exemptions/deductions. | |
| Rs 10,001 – Rs 20,000 | 20% | ||
| Above Rs 20,000 | 30% | ||
Income Tax Slab for Indian Company
Companies with Gross receipts more than Rs. 400 croreTax would be levied @30% + 4% Cess + Surcharge at applicable rates.
Companies with Gross receipts upto Rs. 400 croreTax would be levied @25% + 4% Cess + Surcharge at applicable rates.
Note: The domestic companies can alternatively choose to pay tax under the following reduced rates
- Section 115BAA (domestic companies) – tax would be levied @22% + 4% Cess + 10% Surcharge
- Section 115BAB (manufacturing companies)- tax would be levied @15% + 4% Cess + 10% Surcharge
- A Manufacturing generating company can now opt for Section 115BAB as proposed by the Budget 2020
- Certain exemptions and deductions + provisions of MAT (Minimum Alternate Tax) will not be applicable in case of these reduced rates
Income Tax Slab for Foreign Company
In case of Royalty received from govt/Indian concern or technical fees as per agreement approved by the Central GovernmentTax would be levied @50% + 4% Cess + Surcharge at applicable rates.
Any other Income
Tax would be levied @40% + 4% Cess + Surcharge at applicable rates.
